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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 08/14/2018 |
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Staff Contact: |
Danelle Dresslar, Community Development Manager |
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Recommendations/Options/Action Requested: |
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Authorize the Mayor to sign a Release of Mortgage for John R. White, 412 Eldridge Street. |
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Executive Summary: |
John R. White, 412 Eldridge Street, participated in the CDBG Furnace Loan Program in 2016. The house has sold, resulting in loan payoffs being returned to the City.
Based on the Furnace Loan program processes, a mortgage was placed on the property. The balance of the mortgages becomes due when the property is no longer owner-occupied. The original amount of the Furnace Loan was $4,665 and the mortgage was filed on 10/24/2016. There were no monthly payments required on the loan. CDD staff received this payment in full on 7/31/18. With this payment, $4,665 will be returned to the CDBG program.
Staff has verified that the mortgage provisions have been satisfied and the mortgage(s) should be released.
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Strategic Plan Critical Success Factor |
Safe, Healthy, and Welcoming Neighborhoods
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Fiscal Impact (Amount/Source): |
The fiscal impact to the City is $___0_____.
This is a CDBG Mortgage Note repayment that the City places back into the CDBG program for future allocation and use. |
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Attachments: |
None. |
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(for CMO use only) |
☐TM ☒DS ☐CT ☐BM |